Cant pay wonga & on dmp

dancingfairy

I think he's learnt the hard way - sadly.
df

dancingfairy

Losing big time - a couple of points re the dmp from me - there are 3 main reasons that you may have run in to trouble:
a) the allowances weren't generous enough - did you set your budget too tight in some areas
b) have circumstances changed - ie things have gone up in price, loss of hours at work etc?
c) you're just spending too much?

Hopefully by identifying which was the case (or maybe it was a combination) you will be better placed for whatever you do now -whether that be a dmp, bankruptcy,IVA whatever as each of them will require you to live within a budget - yes there are guidelines but it is also up to you to be realistic as well.
I hope you are managing to get things sorted and can go through your options again to see what will work out best for you.
Best of Luck
df

pippitypip_2

Some excellent advice here.

I really think you need to redo your budget as something's not quite working at the moment. Then you need to face facts and see if what you really should be doing is going bankrupt or not.

I have masses of sympathy too but that won't help you in the long run. None of the routes are easy but the quicker you look into all the options, the better off you'll be. I promise.

Your mortgage arrears need to be your top priority and all other debts can offer £1 each if necessary to get things sorted out. WONGA especially, don't offer more than £1 - you obviously can't afford to pay more than that. At least not until you've completed a statement of affairs and have a better idea of where your money goes. If all you do is pay mortgage arrears for 3 months to get that straight (and £1 each to other creditors) that's a start.

pippitypip

saltnvinegar

Hi Losingbigtime

How are things going?

SnV

orchid2010

If CCCS won't continue your DMP, it is possible to do it yourself, it can be hard work. There are template letters which can help you when contacting your creditors (We have 24). We did this after Payplan told us they were unable to help us as we could only make token payments.

As for 48 years to pay off your debts, on one of mine I would be 127 by the time it is paid off. Sticking to the budget is so important, I always ask myself the same question before buying anything DO I REALLY REALLY NEED IT. If the answer is no, then I don't buy it.

I have a book where I write down everything I spend, which helps me to keep an eye on unneccesary spending.